SAN DIEGO – JLL Capital Markets announced that it has arranged $13.1 million in the permanent refinance of Blend-SD, a 54-unit, urban-coastal multi-housing community located in the Linda Vista neighborhood of San Diego, California.
JLL represented the borrower, Tailored Properties and The Niki Group, to secure a non-recourse, 10-year, 2.8-percent, fixed-rate permanent loan with five years interest-only through JLL’s exclusive correspondent relationship with a major life insurance company. JLL selected this lender due to their ability to provide competitive proceeds, excellent loan terms, as well as early rate lock pre-CofO to alleviate any interest rate risk.
Built in 2021, Blend-SD consists of studios and one-bedroom units with stainless steel appliances, quartz countertops, smart thermostats, ample closet storage, oversized bathrooms with walk-in linen closet, vaulted ceilings, in-unit laundry and private patios. Community amenities include ocean views, a gated parking garage, outdoor recreation centers and surfboard and bike storage rooms.
Located at 5585 Mildred St., the property offers convenient access to the I-5 and I-8, as well as State Route 163, and is within walking distance to public transit and commuter rail stops. Residents are close to hiking trails at Tecolote Canyon Natural Park and Nature Center and waterfront parks at Fiesta Island Park and Ski Beach Park. Nearby universities include University of California San Diego, University of San Diego and San Diego State University. Additionally, the community is proximate to San Diego Zoo, Fashion Valley, Riverwalk Golf Club and Mission Bay Park.
The JLL Capital Markets Advisory Team representing the borrower was led by Director Olga Walsh and Analyst Bharat Madan.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment and sales advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
About Tailored Properties
San Diego-based Tailored Properties is focused on the transformation of urban sites with an emphasis on infill residential to create lifestyle for the long-standing enjoyment of the residents. Tailored Properties has created a strong track record of transforming sites into modern masterpieces.
About The Niki Group
The Niki Group is a boutique commercial real estate investment company that invests in all areas of real estate. The Niki Group’s primary objective continues to be the growth and improvement of portfolio through strategic acquisitions and proactive asset management. The Niki Group is dedicated to building a diverse commercial real estate portfolio of quality assets through strategic net lease acquisitions, value-add opportunities, sale-leaseback, build-to-suit financing for tenants and investing in select development projects.
About JLL
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $19.4 billion in 2021, operations in over 80 countries and a global workforce more than 98,000 as of December 31, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated.
